LyoPay Review: Don’t Invest Your Money Before Reading this Expert Analysis
LyoPay is the latest scam offered by the notorious Ponzi group WeWe Global.
They have been in the industry for a while now and claim to be a cryptocurrency firm. According to their website, they want to create a world where people can use cryptocurrencies as their primary money.
The company claims to be regulated and licensed. However, when I did a little digging I discovered that they are lying.
Their licenses aren’t real.
The holding company of LyoPay is DigiLyo App Limited and is based in Hong Kong. For those who don’t know, Hong Kong is home to many scams due to having poor regulation systems.
Many shell companies are based there.
So, if LyoPay claims to be based in Hong Kong, it doesn’t help their brand at all.
Anyone with a little knowledge of the industry would catch onto that immediately.
But that’s not all. There are plenty of reasons why I can easily call LyoPay a scam.
The company operates through a web of shell companies. A shell company is a corporate entity which only exists on paper. They are relatively popular among criminals, financial fraudsters and corrupt government officials because they allow them to launder illegal money.
LyoPay boasts of having a large network of shell companies.
Their list of “Registered entities” shows a bunch of them:
- DigiLyo App Ltd (Token Issuer): A shell company based in the British Virgin Islands. BVI is another notorious location for having poor regulatory restrictions. Anyone can start a company there and claim to be licensed.
- LyoPay LLC: This company is based in Georgia. And guess what? It’s another notorious place for having poor regulations. They claim that it’s a licensed company but when there are no strict requirements for getting a license, the license doesn’t hold any value.
The only venture that stands out among these various “Lyo” companies is their UK branch:
DigiLyo App Ltd – UK.
You might think, “Well, the UK is not infamous, it has FCA and lot of rules.” And you would be right to think that. But the problem is, their UK company is not based on a real address.
The office address they share for this company is actually a virtual address. 1/1A Telegraph Street, 2nd Floor, EC2R 7AR, London is the office for so many global companies, you would lose count.
A virtual address is a fake address that allows multiple companies to have an office location. While there’s nothing wrong with the practice itself, it’s fairly common among scammers because it lets them make it seem like they have multiple offices in reputed countries.
This is exactly what LyoPay is trying to achieve with its virtual office in the UK.
LyoPay Reviews By Customers – Disappointment and Misery
Another reason why I am calling LyoPay a scam is the sheer number of complaints it has received from its customers.
I found a ton of LyoPay reviews online where people share how the pyramid scheme cost them thousands of dollars.
Below is a collection of those complaints:
Charles warns other consumers to avoid investing with LyoPay because the company doesn’t let you get refunds.
Also, he points out that the staff of the company is extremely rude.
George’s friend had told him to invest with this company. Apparently, his friend convinced him with the proposition of free tickets through LyoTravel and monthly returns.
However, George hasn’t received any payments and it has been months since he invested with this scam.
His friend is now telling him that LyoPay scammed him and this means both of them have lost their investment.
Jennifer highlights that LyoPay is a scam and it’s not letting her make withdrawals.
The below reviewer points out that he had invested a considerable sum with this Ponzi scheme several months ago. Despite promising to give him monthly payouts, the company hasn’t given him any payments.
The reviewer hopes that he will get some payments some day.
Gordon had attended 2 presentations for LyoPay. He had a lot of questions but no one could answer them.
Afterwards, he did some research on cryptocurrencies and attended a few more presentations. In the last presentation he attended, he was lucky enough to be able to talk to the presenter.
However, when he asked the presenter a few questions about cryptos, he couldn’t answer and gave up.
Gordon doesn’t recommend this scheme.
Here, the reviewer highlights that he lost more than $2300 because of this company. Nobody in LyoPay is helping him get his money back either.
Certainly, these reviews are very sad to read. It’s clear that the company is marketing itself in various countries and people are signing up thinking they will get good returns or benefits.
However, what they don’t know is that LyoPay doesn’t intend to pay them.
Instead, it only cares about stealing investments from them.
Raise Awareness Against LyoPay!
According to the reviews I have seen online, I don’t think LyoPay is a legitimate company. They make vague claims on their website and try to market themselves as a crypto venture.
But as you may already know with how FTX collapsed, the crypto industry has too many scammers looming around.
I believe LyoPay is another scam. With so many people complaining about losing their funds and getting no payouts, it’s clear that they are defrauding customers.
You should be wary of such scams.
If you know someone who is promoting or is interested in this Ponzi scheme, please share this review with them.
You can also direct them to the following resources:
They can help you learn more about the scam and understand just how dangerous it is.
You can share this review on social media too and help others learn about this scam.
Originally reported on December 6, 2022 @ 7:16 am
